2023-05-24 19:14:14
Gold fell on Wednesday due to the rise in the dollar, which reduced some inflows seeking safe havens in the precious metal due to the risk of a US government default on its debts, while investors evaluated the minutes of the Federal Reserve meeting for the month of May.
Gold in the spot market fell 0.6 percent to $1,962.92 an ounce by 1825 GMT, following earlier rising by 0.5 percent. US gold futures closed down 0.5 percent at $1,964.60.
The dollar index recorded its highest level in two months, which affected the demand for the yellow metal denominated in the US currency.
The minutes of the US central bank’s meeting that took place on May 2 and 3 showed that bank officials “generally agreed” that certainty regarding the need to continue raising interest rates “has become less.” The minutes of the meeting were published on Wednesday.
Gold hovered near its lowest level in a month and a half, which it touched last week, in light of the rise in interest rates, which increases the opportunity cost of possessing the non-returnable metal.
As for other precious metals, silver fell in the spot market 1.4 percent to $ 23.10 an ounce, while platinum fell 2.2 percent to $ 1024.59, and palladium fell 2.6 percent to its lowest level in regarding two months at $ 1408.
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